Bloomberg reports that Novogratz credits this year’s rally to mainstream acceptance of cryptocurrencies, as well as attention towards blockchain technology by Wall Street and technology firms. According to him, both Microsoft’s use of bitcoin’s blockchain for identity management and Facebook’s rumored cryptocurrency project gave a lot of credit to the industry .When it comes to Galaxy Digital’s earnings, in the three months that ended on March 31, the company had a net income of $12.9 million, while the company reported a net loss of $134 million in the same period a year earlier. The income was reportedly mostly the result of crypto assets appreciation and investment gains. Yesterday, news broke that digital currency investment firm Dadiani Syndicate has reportedly been approached by a wealthy client to buy as close to 25% of the bitcoin supply as possible.
The bank had announced a cryptocurrency wallet service dubbed “Rabobit” as a part of the Rabobank Moonshot fintech innovation program in February last year. The Rabobank representative also reportedly stated that the development process has helped the bank learn “valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications.” The bank allegedly cited unsuitable regulatory conditions as the reason why it decided not to pursue the initiative any further. Lastly, the Rabobank representative noted that the institution “will keep an eye on the market and regulatory developments within the industry.” Crunchbase estimates Rabobank to have $10.6 billion in annual revenue.Rabobank did not answer Cointelegraph’s inquiry as to their cryptocurrency wallet plans by press time.
Blockchain development company Lightning Labs announced that it released the first alpha version of its Lightning Network (LN) client for the main bitcoin (BTC) network, according to a blog post published on April 23. The announcement specifies that this is still an early version aimed at testers and developers willing to start experimenting with the software. The developers also warn that the users should not put more funds into the app than they are willing to lose. Lightning Labs also claims to be committed to privacy, security and self-determination, the principles that it believes bitcoin was built on. The announcement explains that, to deliver a system in line with those principles, the company needs to release an easy to use non-custodial client solution. The newly-released solution uses the Neutrino bitcoin light client, which reportedly allows for the use of the LN scalability solution without downloading the entire blockchain first or handing over control over funds. Per the announcement, Neutrino only needs to download and verify tens of megabytes, which can be done in minutes, enabling practical use on smartphones and other low-power devices.
Mainstream media isn’t known for its accurate, in-depth, or optimistic coverage of Bitcoin (BTC) and crypto currencies at large. Earlier this month, as BTC popped above $5,000 for the first time since November 2018, respected business news outlets falsely covered this industry en-masse.Technology outlet Gizmodo published an article bashing Bitcoin for its supposed “Monopoly money”-esque properties and high energy usage after the move, tagging the piece under “fake internet money” and “scams” in an evident bid to further poke fun at cryptocurrency enthusiasts.And Business Insider continued this trend. Just recently, citing an analyst from UBS, the former home of The Block’s bearded SCOOPer, Frank Chaparro, tacitly bashed BTC. Their headline read: “Bitcoin bulls may have to wait 22 years for the cryptocurrency to return to all-time highs.” Yeah… no.
Bitcoin (BTC) is known as the first open-source, peer-to-peer, digital cryptocurrency that was developed and released by a group of unknown independent programmers named Satoshi Nakamoto in 2008.Digital asset markets on the move again, the importance of accurate predictions grows. An online platform called Bitcoin Forest uses market data and an AI algorithm to produce forecasts for the prices of many cryptocurrencies on a number of global and regional trading platforms.Bitcoin Forest has a sister platform called Altcoin Forest where users can find more information about dozens of other digital currencies.
Bitcoin (BTC) analyst Tone Vays said that the recent cryptocurrency market surge may have no specific catalyst, and that lower prices could still be in the cards in an interview with Cointelegraph on April 2.Speaking about a possible driver of Bitcoin’s spike on the night of April 2, Vays said that there is not always a trigger, arguing that it could be just speculation and that “Bitcoin is no different than any other asset.”As Cointelegrpah reported earlier today, some have suggested that s investors changing pounds to Bitcoin ahead of Brexit — which is scheduled to happen in mid-April — could have been a possible catalyst, while others attributed the surge to algorithmic trading.Also today, Bloomberg reported that the number of active Bitcoin wallets increased in the two weeks leading up to the rally. Specifically, 40 to 50 percent of all Bitcoin had been held in digital wallets that were inactive from one to six months, while the average has reportedly been 10 percent since March 15.
At press time, Bitcoin is up three-quarters of a percent on the day, trading at around $3,462, according to CoinMarketCap. Looking at its weekly chart, the current price is just over half of a percent lower than $3,484, the price at which Bitcoin started the week.Ethereum (ETH), the second-largest altcoin by market cap, has seen its value increase by nearly four percent over the last 24 hours. At press time, ETH is trading around $109, after having started the day at $105. On the weekly chart, Ethereum’s current value is higher than $107, the coin’s price one week ago. Moreover, the current price is also nearly a percent lower than $110, the mid-week high reported on Feb. 3.The stock market is seeing a minor downturn, with the S&P 500 down 0.69 percent today and Nasdaq down 0.7 percent. The CBOE Volatility Index (VIX), on the other hand, has gained 6.72 percent of its value on the day at press time.Major oil futures and indexes are seeing mixed market movements, with WTI Crude down 0.15 percent and Brent Crude up 0.37 percent. Mars US, on the other hand, is down 1.12 percent, Opec Basket up 0.37 percent and the Canadian Crude Index down 0.36 percent, according to oilprice.com.Today news broke that, according to a leaked interview with a commissioner, a Bitcoin exchange-traded fund (ETF) will most likely ultimately gain approval from the United States securities regulator.
Bitcoin jumped by more than 8% in the past 24 hours and is trading close to USD 3,700, while Litecoin (LTC) registered strongest gains among top 10 coins (+28%). LTC was the first among top 10 coins that suddenly jumped this Friday.As everyone tries to guess the reason for the explosion, according to The Independent, the latest rise follows news that bitcoin’s hashrate – the amount of computing power its network consumes – is at its highest level since November 2018.”Something needs be the catalyst to get things going again. Unfortunately, global uncertainty for a multitude of reasons is driving many to become more risk averse and so whatever that spark is, it needs to be significant,” Thomas was quoted as saying.Meanwhile, recently, some members of the cryptoverse were discusing the prospect of Bitcoin’s price falling under USD 3,000. Vinny Lingham, general partner at crypto fund Multicoin Capital and the CEO at blockchain company Civic, said that “If we break below USD 3,000 for Bitcoin, ‘crypto winter’ will become ‘crypto nuclear winter’…”
In a note to clients published last week, JPMorgan analyst Jan Loeys poured cold water on Bitcoin’s value proposition. Loeys, who is also JPMorgan managing director said that the top-ranked cryptocurrency would only have real value in a dystopian situation.The JPMorgan analyst says that there are easier to use instruments with greater liquidity for investors to call upon in such times. Admittedly, printing money out of thin air and using it to bail out insolvent banks would indeed be much simpler for JPMorgan.Commenting further, Loeys opined that the prolonged cryptocurrency bear market makes Bitcoin an unsuitable haven asset. This assertion comes even as there is a consensus among analysts on the absence of correlation between BTC $3463.17 +0.2% and traditional assets.
Bitcoin, the largest cryptocurrency by market cap, was down as much as 4.8% to below $3,388 a coin early Monday, printing at its lowest level since December 17, 2018.Investors in the digital currency saw its price explode in 2017 as